The NSW state government has announced the First Home Buyer Assistance Scheme (FHBAS) with generous stamp duty concessions for first time owners and the building industry.
While the legislation is still to be debated, key details of the FHBAS include:
- No stamp duty on new properties valued at less than $800k
- Reduced duty for new properties valued between $800k and $1m
- No stamp duty for vacant land valued under $450k
- Applies to contracts entered into on or after July 1, 2017
- You, and your spouse or partner, must never have owned or co-owned residential property in Australia
- You or one of the other first home buyers must move into the new home within 12 months after buying the property and live there for at least six continuous months
The FHBAS will be in addition to the existing duty concessions for first home buyers in NSW.
More information on the scheme can be found here